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Chapter 7

Chapter 7. PROBLEM ANALYSIS AND DECISION MAKING. Chapter Outcomes. List the 7 steps in the decision-making process. Describe expected value analysis. Explain the four types of decision styles. Identify and explain the common decision-making errors.

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Chapter 7

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  1. Chapter 7 PROBLEM ANALYSIS AND DECISION MAKING

  2. Chapter Outcomes List the 7 steps in the decision-making process. Describe expected value analysis. Explain the four types of decision styles. Identify and explain the common decision-making errors. Describe the two types of decision problems and the two types of decisions that are used to solve them. Compare and contrast group decision-making and individual decision-making. List and describe three techniques for improving group decision-making. Explain three different ethical viewpoints.

  3. EXHIBIT 7–1 The decision-making process.

  4. EXHIBIT 7–4Payoff table for ski jacket decision.

  5. EXHIBIT 7–5 Decision tree and expected values for renting a large or small retail space.

  6. Conditions of decision-making Certainty Risk Uncertainty

  7. Decision tools Expected value analysis Decision tree Marginal analysis

  8. EXHIBIT 7–6 Decision-style model.

  9. Common errors in decision-making Availability heuristic Representative heuristic Escalation of commitment

  10. Advantages of group decisions Provides more complete information Generates more alternatives Increases solution acceptance Increases legitimacy

  11. Disadvantages of group decision-making Time-consuming Minority domination Pressure to conform Ambiguous responsibility

  12. Improving group decision-making Brainstorming Nominal group technique Electronic meetings

  13. Common rationalizations of unethical behavior “It’s not really illegal or immoral.” “It’s in my (or the organization’s) best interest.” “No one will find out.” “Since it helps the organization, the organization will condone it and protect me.”

  14. Three views on ethics Utilitarian view Rights view Justice view

  15. EXHIBIT 7–8 Three views on ethics.

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